$1.$Nancy and Tanya lived together as an unmarried couple in Ohio. Last year Nancy transferred some of her real property to Tanya so that the couple could share equal ownership. Nancy retitled her home worth $$800,000$ to JTWROS and continued to pay the mortgage. She also retitled a parcel of land in Florida to a tenancy in common with Tanya. The land was worth $$400,000$ when she retitled the deed. Nancy died today without a will. The FMV of the home is $$860,000$ and the land is worth $$410,000.$ Which statement does not correctly describe the consequences of these transfers to Tanya?

Group of answer choices

Tanya will receive $100$ percent ownership of the land in Florida.

Nancy's interest in the land in Florida is subject to ancillary probate.

Tanya will receive a step$$up in basis in the home to $$860,000.$

Nancy made a gift of one$$half of each mortgage payment to Tanya and the taxable amount is added to her IRS Form $706$ as adjusted taxable gifts.

$2.$When one unmarried partner gifts property that is greater than the annual exclusion amount to the other partner, a taxable gift is made. Which statement correctly describes how the donor is taxed for each transfer?

Group of answer choices

A grantor is taxed on the full value of property transferred to a revocable trust when his partner is the trust beneficiary.

A partner is taxed on the fair market value of her investment account when she designates the account as transferable on death $($TOD$)$ to her partner.

A partner is taxed on all of the money transferred to a trust when she provides her partner with an income interest in the trust for $10$ years.

A grantor is taxed on the present value of a GRIT's remainder interest when his partner is the trust beneficiary.

$3.$A client wants to avoid probate and executed a revocable trust with a pour$$over will. The client transferred her home and brokerage account to the trust but not her savings account. The client's bank certificate of deposit is titled POD with her niece, the client owns a life insurance policy on her mother$$s life, and the client inherited a life estate in her uncle$$s summer home. If the client were to die today, which statement is correct?

Group of answer choices

All of the client$$s assets will not be included in the client's gross estate and will avoid probate at the client's death.

The life estate in the summer home is not included in the client$$s gross estate or the client's probate estate.

The client$$s bank certificate of deposit will be included in the client's estate and transferred to the trust by the client's pour$$over will.

The savings account will avoid probate and intestacy because it will $$pour$$ from the will to the revocable trust.

$4.$A client wants to avoid probate and executed a revocable trust with a pour$$over will. The client transferred her home and brokerage account to the trust but not her savings account. The client's bank certificate of deposit is titled POD with her niece, the client owns a life insurance policy on her mother$$s life, and the client inherited a life estate in her uncle$$s summer home. If the client were to die today, which statement is correct?

Group of answer choices

All of the client$$s assets will not be included in the client's gross estate and will avoid probate at the client's death.

The life estate in the summer home is not included in the client$$s gross estate or the client's probate estate.

The client$$s bank certificate of deposit will be included in the client's estate and transferred to the trust by the client's pour$$over will.

The savings account will avoid probate and intestacy because it will $$pour$$ from the will to the revocable trust.